Biotech, pharma rise; Corixa rockets

ValBrickates Kennedy

BOSTON (MarketWatch) - The biotechnology and pharmaceutical sectors both moved higher Monday while shares of Corixa shot up 40% on news it was being acquired by pharmaceutical behemoth GlaxoSmithKline.

The Amex Biotechnology Index edged up 1% at 514.51 and the Amex Pharmaceutical Index inched up 0.2% at 332.18.

Biotechnology firm Corixa
CRXA
skyrocketed 40% to $4.33. The company announced late Friday that it was being acquired by British drugmaker GlaxoSmithKline
GSK, +0.05%
for $4.40 a share, or about $300 million. The two drugmakers had collaborated on the drug Bexxar, a treatment for non-Hodgkin's lymphoma.

Glaxo closed down slightly by 0.6% to $50.25.

Irish drugmaker Elan Pharmaceuticals
ELN, +0.00%
also soared, up 22% at $6.71. The company' stock has been steadily gaining in recent days on hopes that its recalled drug Tsyabri might be put back on the market. Tysabri was taken off the market in late February over safety concerns.

Also gaining was Tysabri co-developer Biogen Idec
BIIB, -5.86%
The biotechnology giant was up 3% at $37.32.

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